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[ISC] Q. 43 Solution of Fundamentals of Partnership TS Grewal ISC 2023-24 Edition

Question 43 of 78Chapter 1Class 12 · ISC✍ Vijay Adarsh

Step-by-step solution of Question 43, Chapter 1 Partnership Accounts – Fundamentals, TS Grewal Class 12 Accountancy 2023-24 for the ISC Board.

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Question 43

Sudha, Shakti and Savita are partners sharing profits and losses in the proportion of 2/5 : 2/5 : 1/5. Sudha draws ₹ 12,000 every month and Shakti and Savita ₹ 8,000 each every month. The drawings being made on the last day of each month. Before charging interest on Shakti’s loan, interest on drawings and capital @ 10% p.a. and salary of ₹ 40,000 to Shakti and ₹ 60,000 to Savita, profit for the year ended 31st March, 2023 was ₹ 6,00,000. Given the following additional information, prepare Partners’ Capital Accounts, Current Accounts and Profit & Loss Appropriation Account:

  1. Capital Account on 1st April, 2022 — Sudha ₹ 2,00,000; Shakti ₹ 1,60,000; Savita ₹ 1,00,000
  2. Additional Capital brought on 1st October, 2022 — Sudha ₹ 40,000; Shakti ₹ 30,000; Savita …
  3. Capital withdrawn on 1st October, 2022 — Sudha …; Shakti …; Savita ₹ 20,000
  4. Current Account on 1st April, 2022 — Sudha ₹ 20,000 (Cr.); Shakti ₹ 8,000 (Dr.); Savita ₹ 10,000 (Cr.)
  5. Loan Account on 1st April, 2022 — Sudha …; Shakti ₹ 40,000; Savita …
TS Grewal Class 12 Fundamentals of Partnership Question 43

Solution

Solution of Q 43 Fundamentals of Partnership TS Grewal 2023-24 part 1
Solution of Q 43 Fundamentals of Partnership TS Grewal 2023-24 part 2
Stuck on this chapter?Watch it explained in the Class 12 Accounts video courseEvery chapter, step by step, by Vijay Adarsh (23 years teaching).Watch free demo
Solution of Q 43 Fundamentals of Partnership TS Grewal 2023-24 part 3
Solution of Q 43 Fundamentals of Partnership TS Grewal 2023-24 part 4
Solution of Q 43 Fundamentals of Partnership TS Grewal 2023-24 part 5
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Solution of Q 43 Fundamentals of Partnership TS Grewal 2023-24 part 6
Solution of Q 43 Fundamentals of Partnership TS Grewal 2023-24 part 7
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About this solution

This is Chapter 1 Partnership Accounts – Fundamentals of TS Grewal Edition 2023-24 (ISC Board).

Written by Vijay Adarsh, teaching commerce since 2003 to Class 11, Class 12, B.Com, CA, CS and CMA students.

We have solved all the practical questions in this book and explained them Step by Step in detail with clear working notes.

Also, we have followed the proper format and workings which are required as per Guidelines Issued by the ISC Council. Just follow our presentation of solutions and score good marks in Accountancy ISC Board Exam.

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